01/05/2012 Intraday Watering

[Cobra]

then open.

[BullBear52x]

BB, did you check your renko or what? lol.

I saw that, I can not believe the level of general bullishness, what are they looking at?

[Al_Dente]

Good Morning All
Here are the internals on a DAILY chart
It looks to me like SPY has formed an ascending triangle pattern.
Also, to conserve real estate I put DBV (gold area) behind the cumulative $NYAD, and mmmmm…
http://stockcharts.com/h-sc/ui?s=SPY&p= ... =252059429

Good morning Al,
I was looking at the ascending triangle on the daily as well. What would be the move to watch, a break above the resistance line? If so, what would the target be? It seems a target price the height of the triangle would be a dramatic move.

rhapsody: Thanks for posting yours
All I know is ascending is bullish formation
But I didn’t check Bulkowski for details
When in doubt (and when not in doubt) I go with Cobra who just posted:
“””””””2 points touch on the high doesn't make an valid Ascending Triangle yet, so we can only see there're some chances but not yet””””
PS: Cobra is also King of the measured move TARGETS, let’s keep watching for his targets!

[99er]

Good Morning.

EURUSD http://99ercharts.blogspot.com/2012/01/eurusd_05.html

Possible big bounce here.

[99er]

Update

ES http://99ercharts.blogspot.com/2012/01/es_05.html

Here...not so much.

GLTA.

[Al_Dente]

PAGING Baron von Bonds
Nice catch last night on my bond charts, I really appreciate you double checking them.

http://www.youtube.com/watch?v=Wt4JSRHI ... re=related

PS: nydec 2000 (my favorite number) right out of the gate, let’s see if she can hold above there

[SB73]

As I noted yesterday statistically a gap down was expected on the 3rd trading day. That makes 10 in 12 years. This is the strongest of the last 12 years. All but one previously filled...should be interesting on this one. I think we see 126.47 which is the 5 DMA on the 5 min chart.

[Cobra]

key time. as I mentioned last night, you don't want to see this low broken. RSP already has a lower low, so no good.

[BullBear52x]

PAGING Baron von Bonds
Nice catch last night on my bond charts, I really appreciate you double checking them.

http://www.youtube.com/watch?v=Wt4JSRHI ... re=related

PS: nydec 2000 (my favorite number) right out of the gate, let’s see if she can hold above there

Now you know someone do pay attention to your great charts.

[ClarkW]

99er, refresh my memory please. Purple line = Wolfe Wave?

Update

ES http://99ercharts.blogspot.com/2012/01/es_05.html

Here...not so much.

GLTA.

[BullBear52x]

Gaps play, so far looking it will

[Cobra]

text book target for bearish 1-2-3 formation.

[99er]

Update

SPX http://99ercharts.blogspot.com/2012/01/spx_05.html

Whee!

[waverider]

BB, did you check your renko or what? lol.

I saw that, I can not believe the level of general bullishness, what are they looking at?

Don't know, but it's a smart one. Another red print and I'd be comfortable selling strength tomorrow.

[mac769]

I just wonder how long the European Banking System can be held above water.

Unicredit now below the Lehman LOW.

This looks extremely ugly and when you see the Euro in freefall, I wonder how long the US can "decouple" from this.

IMHO, if 1260 on the SPX fails, then there is a looong way to go down...

Equity stays stupid way too long. DX closed the gap, why shouldn't the ES? Generally it seems the play is to assume that currency/bonds will hold support/resistance. And thus, equity tries to front run the swing trade and more often than not gets caught holding the bag and its SELL SELL SELL.

I agree, we should see some panic once 1260 breaks to the downside, but who knows maybe we have a stellar reading on the non-manufacturing PMI and then the early bears will run to the hills again

[Cobra]

QQQ is strong, so I don't see bulls as bad yet although lower low already on 60 min chart.

[SB73]

As I noted yesterday statistically a gap down was expected on the 3rd trading day. That makes 10 in 12 years. This is the strongest of the last 12 years. All but one previously filled...should be interesting on this one. I think we see 126.47 which is the 5 DMA on the 5 min chart.

Target met right on the penny..I like Cobra's target, but bulls will push the envelope before conceeding.

[BullBear52x]

BB, did you check your renko or what? lol.

I saw that, I can not believe the level of general bullishness, what are they looking at?

Don't know, but it's a smart one. Another red print and I'd be comfortable selling strength tomorrow.

DBV and $NYHL is something to watch on top of that, these guys turn down it should confirm the bigger down, but for now. we should have some support here 5 dma but my target still looking at 125ish.

[99er]

ClarkW

In this particular ES chart, the magenta line is the WW while the purple ones are an AB=CD pattern.

The colors vary depending on how many patterns I want to highlight but generally speaking, magenta and purple are bearish while blue and green are bullish. Gold or yellow patterns can be either but are important.

Thanks for asking.

[Al_Dente]

Fancy new 15 min internals
http://stockcharts.com/h-sc/ui?s=SPY&p= ... =252304559